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First off, congrats on not living beyond your means.
Second off, why the hell did you not use credit cards for rewards? I have never paid a single penny in credit card interest, yet have made a few thousand dollars in cash back, plus the benefits of extended warranties, trip insurance, etc. While I fully applaud you for your savings (and wish more Americans would be like this), you can't really "blame the system" for not having good credit, when all you had to do was open a credit card and buy a pack of gum or gas once every few months for the past 15+ years.
I agree with this- I use my credit card for nearly every purchase I make, but I never carry a balance (ever). I get my cash back, but I also get the protection that comes along with credit card purchases- if someone steals my card, I lose nothing. If someone steals a debit card, you are in theory protected but there is a period of time where your actual cash is gone.
I also like the small protections that the CC companies give, such as warranty extensions, small insurance protections, etc. I've used my Visa Signature a couple times- once for a stolen package and again for a warranty extension on a TV. Nice to have when you need it.
I want a car with low miles, that looks decent and will last me at least 10 years. You cannot get such type of car for 5k, not even 10k.
really? you must not be looking very hard then are you? my 82 fairmont cost me $2000 three years ago. it ha a little over 100k miles on it, and it looks much better than your car does right now. it will last me at least ten more years of daily driving with regular maintenance. a friend of mine has an 80 pontiac phoenix with a little over 130k miles on it, and it cost him about $1200 to buy 15 years ago, he has since put about $250 into paint, he did the work himself, and it still runs strong and will last at least another ten years or more of daily driving. or same friend bought a 79 corvette a couple years ago for $4500, again painted the car himself, has about $300 in paint and materials in that one, and it also runs great and will last another ten or more years with normal maintenance.
so once again stop being a prissy little moron, and earn to do some of the worl yourself, and learn something about cars, and you too can find bargains like these. they are out there, you just have to look for them, they are not going to find you.
really? you must not be looking very hard then are you? my 82 fairmont cost me $2000 three years ago. it ha a little over 100k miles on it, and it looks much better than your car does right now. it will last me at least ten more years of daily driving with regular maintenance. a friend of mine has an 80 pontiac phoenix with a little over 130k miles on it, and it cost him about $1200 to buy 15 years ago, he has since put about $250 into paint, he did the work himself, and it still runs strong and will last at least another ten years or more of daily driving. or same friend bought a 79 corvette a couple years ago for $4500, again painted the car himself, has about $300 in paint and materials in that one, and it also runs great and will last another ten or more years with normal maintenance.
so once again stop being a prissy little moron, and earn to do some of the worl yourself, and learn something about cars, and you too can find bargains like these. they are out there, you just have to look for them, they are not going to find you.
Obviously, I'm referring to newer cars, not old one lol just because an old car has low miles, doesn't mean anything, **** still breaking down and deteriorating as we speak. I want something relatively new, which will continue to look modern and relatively low miles in the next 10 years.
We understand your reasoning completely. It's just flawed reasoning.
If you have cash in the bank to buy a car, the only time it makes sense to finance it is if:
A) The interest rate is 0%.
B) The $20k can be invested in something that will give you a larger return on your money than putting it into the car.
The wise thing to do would be to spend $10k cash on a car, and either leave the $10k in the bank for emergencies, or invest it into something that will net you a return on your money.
It's not smart to finance $20k at 3-7% interest (depending on your credit) for 5 years and have to pay back and extra $600 to $1400 in interest over the life of the loan when you could have used that money elsewhere.
This is where you need to use logic and reasoning.
Then, I will wait until I have 30-40k, and then buy a 20k vehicle with cash lol
I plan on keep this next vehicle for 10-15 years. I refuse to spend thousands and thousands on a crappy base car that I won't be happy with. I'd rather wait more years until I have $30,000 than buy a cheap 10k car.
Then, I will wait until I have 30-40k, and then buy a 20k vehicle with cash lol
I plan on keep this next vehicle for 10-15 years. I refuse to spend thousands and thousands on a crappy base car that I won't be happy with. I'd rather wait more years until I have $30,000 than buy a cheap 10k car.
By the time you save that much.... that $20k vehicle will be on par with a $10k vehicle in today's standards.
Then, I will wait until I have 30-40k, and then buy a 20k vehicle with cash lol
I plan on keep this next vehicle for 10-15 years. I refuse to spend thousands and thousands on a crappy base car that I won't be happy with. I'd rather wait more years until I have $30,000 than buy a cheap 10k car.
Many "cheap 10k cars" will last you 10-15 years. As I said before, a 2008-2012 Civic/Camry/Carolla etc should be all around that price range, and I'm sure you can find some with under 50k miles on the clock. Outside of normal maintenance, you should be fine for 150k+ miles at a fraction of the cost of new.
You can get a loan with 610 and the interest charge over a few years won't be huge. Plus you can always pay it off early through larger monthly payments. A CU is definitely the way to go, you might be surprised what they will do for members.
But you do seem to be overly obsessed with the image a car brings to you. the fact you have any car puts you ahead of most people in the world. This is a first world problem if ever there was one.
Amusing reading here by the Pros and Cons re the Op situation.
No body cares about the car/driver in the next lane being Real COOL etc. further from the truth. We all have our reasons and personal choice in what our ride needs to be.
Some decades ago when younger debated on buying a Bently that just been imported from England....older model and the engine purred like it was holding a cup of tea next to the spk plugs. I had the Cash in the bank but already had too many cars as it was being single (widowed) at the time....so I passed.
Diamonds was another luxury I went thru....a womans best friend maybe but not a mans.
2-3 CC with a $2k limit each is not the best way to go....just says that a person is buying non essential things that run the balance up.....nothing to brag about.....one CC okay, two added is a NO brainer.
I was once looked down upon by a older man (younger then me) in a mkt parking lot after parking his near new car next to my old clunker 1966. Chances were I had more money in my custom HP Turbo engine (I built)
Did I care?....hell NO. If he misses two payments the car is HISTORY while I have the Title in my hand.
Best best for the OP is to watch out for a car being sold by an older couple that took very good care....low miles would be a winner and hopefully some money still in the bank.
When in College I bought a Merc 4dr (single owner male carpenter) with 9K on the speedo. Back seat neversat in,still some sawdust in the trunk. Car was beautiful until I got head on side swiped by a drunk Navy guy on leave.
My credit is currently 610 on credit karma. It used to be 430 a year ago. I have like 13k in savings. I could buy a 10k car now, but it would be crap. I want something decent, I'm sick and tired of driving a pos. I'm sure some bad credit dealer would finance me as long as I put down payment and trade in, but I would get raped in interest. Also, the vehicles that I'm interested in cost around 18-20k with decent mileage.
I have read EVERYTHING on the internet on how to improve credit as FAST as possible. I'm doing everything I can, but it is a super slow process. It is almost as if the whole system, is designed to keep people with bad credit, having bad credit. It makes sense why, because that way they can take advantage of you.
I could ask one of my parents, to be my co-signer, but the problem with doing that is that now you become their servant. Also, they would feel entitled to tell you what car to choose and what options are off limits for you, especially since their good credit, opens up your options to good car dealers and better vehicles. They have power to get you the vehicle, which means they now have power over you. They would pressure you to choose the cheapest car, not too cool, not too high insurance, etc so they reduce their risk as much as possible. I refuse to go through that crap.
Also, the problem with financing a car with less than great credit is that your options are super limited, and more than likely, you will only qualify for the base versions or the cars that nobody wants. If you go to a legit car dealer, like Nissan, Toyota, etc who are known for treating customers good, less likely to be scammed, have the most reliable and cleanest cars, you will never be approved unless you get a co-signer.
So, you're stuck with the dealers that do deal with bad credit customers, which will rape you every way they can. They know you are desperate and want a nice car and they will take advantage of this.
The irony in all this is that having a good credit, doesn't guarantee squat. If it did, then there wouldn't be thousands of repossessions every year, from people who got their cars mostly by having good credit. Good credit, all it does, is portrays your previous actions, but it doesn't predict the future. It doesn't guarantee you will be employed for the life of the loan. It doesn't guarantee you won't get into an accident and lose everything.
You have to be patient. You got yourself in a mess and it takes time to dig out.
My credit is currently 610 on credit karma. It used to be 430 a year ago. I have like 13k in savings. I could buy a 10k car now, but it would be crap. I want something decent, I'm sick and tired of driving a pos.
So, you're stuck with the dealers that do deal with bad credit customers, which will rape you every way they can. They know you are desperate and want a nice car and they will take advantage of this.
The irony in all this is that having a good credit, doesn't guarantee squat. If it did, then there wouldn't be thousands of repossessions every year, from people who got their cars mostly by having good credit. Good credit, all it does, is portrays your previous actions, but it doesn't predict the future. It doesn't guarantee you will be employed for the life of the loan. It doesn't guarantee you won't get into an accident and lose everything.
Your credit is bad because you screwed up. And people with GOOD credit don't get their cars repo'd. You make a lot of excuses and woe is you. Drive your pos car that has only 75k miles on it and be happy you're not walking or taking the bus. Do you know how many people have cars with 200k miles?! You think the world owes you - nope. And the world's only gonna get $hittier the longer you have a chip on your shoulder.
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